Are the Cheapest Merchant Account Fees Worth It for Your Business?

Are the absolute cheapest merchant account fees worth it for your business in the big picture? Learn more about finding the right payments solution.

There’s no reason for your business to pay more than necessary when it comes to card processing and merchant account fees. Excessive costs for debit and credit card processing don’t help your company, your customers, or your staff.

Finding the right solution for payment processing means keeping costs low while also putting effective tools and technology into place. It’s about striking a balance and prioritizing value — supporting the payment processing needs of your business at a reasonable cost.

So, are the cheapest merchant account fees worth it for your business? The most straightforward answer is that it depends.  

If an effective tech stack and the right payment processing equipment for your needs are available at the lowest cost, then yes! However, if cheap credit card processing means sacrificing key features and functionality, then a reasonably higher cost is likely worth it in the big picture.

Keep reading to learn more about how to put cheap payment processing services into context. We’ll focus on finding the right balance between price and service, so your business can get the most value out of payment processing.

Do the costs of your current payment processing solution seem excessive? Is your business paying too much for basic card processing functionality? Swipesum can help.

Our industry experts will learn about your business, and then recommend the best payment processing solution for your unique needs. They’ll lead the way with negotiations that deliver more favorable terms and conditions from providers, too.

Best of all, these services come at no additional cost to your business. Book your free consultation with our payment processing experts now.

Why Controlling Payment Processing Costs is So Important

Across the US, customers continue to favor card payments for all kinds of purchases. The Federal Reserve shares a few insights derived from its ongoing payments study, which covers 2018-2021 (the most recent years for which complete data is available):

  • In 2021, card payments accounted for roughly 77% of all noncash payments.
  • The total value of all card payments in 2021 was $9.43 trillion.

To put it simply, customers have broadly adopted cards as a payment method and their popularity is only increasing over time. Merchants need effective card processing solutions to align with customer expectations and provide relevant, effective service. Making card payments fast and convenient ends each customer interaction on a positive note.

Of course, businesses need to manage the costs that come with accepting card payments, too. With so many providers, tools, and tech on the market, there is almost always an opportunity to find cheaper merchant services overall.

The cost of equipment and software varies from one provider to the next. And, while some merchant services fees are set in stone, others can be negotiated in your company’s favor.  

Cheap merchant services, or at least cheaper merchant services, are an attainable goal. Many businesses spend too much on payment processing, whether through excessive fees, working with more expensive providers, or both. There are plenty of options out there, and some of them can likely help you to reduce costs.

Saving on payment processing is one key area where Swipesum can help your business.

Finding Value in Payment Processing Services: Considering Both Cost and Quality

A customer makes a payment online, using her laptop computer.

Making credit card processing cheap can’t be your only goal. Merchant services, payment tools, and related tech are not all equal. There are thousands of payment processing companies in the market, from payment gateway operators to all-in-one providers like PayPal, Stripe, and Square.

The specific needs of your business have to be a top priority along with cost. Does your business need to manage recurring billing and payments? Does it need a solution for both in-person and ecommerce transactions? How much change in payment tools and tech is realistic for your current tech stack and day-to-day operations?

Only focusing on the cost of payment processing means ignoring crucial needs related to functionality and the overall way in which your business operates. You can identify the lowest absolute cost and cheapest merchant account fees, prioritizing an especially cheap way to accept credit card payments. But where will that leave you as a merchant?

Only looking at the cost of payment processing can quickly lead to headaches. These can be related to operational inefficiencies, customer dissatisfaction, and additional time and effort that must be spent dealing with a suboptimal payment processing strategy.

In other words, too narrow of a focus on cost savings can hurt your business when it comes to payment processing.

Instead, we recommend looking for balance. Identify the features and functions your business model needs and your customers ultimately expect from you. Then, seek out providers that can meet those needs and compare that group based on price.

Not every provider can offer the exact combination of services and support that your company needs. Yet, such a large and diverse market will offer several effective solutions to most businesses in terms of both cost and functionality.

How Swipesum Helps You Find Cheaper Merchant Account Fees and Payment Processing Solutions

Sometimes, a merchant’s needs will align with the cheapest overall payment processing option available. In other situations, a little more spend will deliver a solution that ultimately saves time, money, and effort across the organization. That’s ultimately the best path forward.

Payment processing is a large, complex, and always-changing industry. If you and your staff don’t have a deep background in this field, the idea of reviewing providers and comparing options based on both cost and quality may seem overwhelming.

Remember that you have a partner ready and waiting to help. Swipesum’s expert analysts will learn about your company’s needs and then present a shortlist of relevant and effective options, taking both cost and functionality into account. They’ll take the lead in negotiations, too, delivering a solution that saves money while streamlining overall payment processing.

Schedule your free consultation today!

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Michael Seaman

Michael Seaman

Michael is the co-founder and CEO of Swipesum. A veteran of the payments industry, Michael and his brother Stephen have led Swipesum since its inception in 2016. In his free time, Michael enjoyes time with his three children.

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